Eliminating waste is only part of the equation for healthcare sustainability

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Eliminating waste is only part of the equation for healthcare sustainability

March 27, 2020

While many organizations have tackled variation among physician preference items, changing the game on clinical performance requires robust data and analytics that not only identify clinical improvement opportunities, but also drive accountability in addressing them. For example, leading health systems are deploying clinical analytic solutions that identify the physician who made the largest contribution to a patient’s clinical outcome and create scorecards by individual physician and physician group that measure:
• Patient safety
• Quality
• Patient satisfaction

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• Utilization
• Cost

Leaders can use this data to dig deeper, using severity-adjusted control charts, for example, to eliminate variation from evidence-based practices, lower cost, and improve care. These efforts not only improve quality of care and outcomes, but also increase reimbursement and incentive payments under value-based payment models.

Find creative opportunities for revenue improvement using data
The survey results show revenue-increasing activities are not among finance leaders’ top three areas of focus when it comes to financial performance management, but they should be. Using data to explore new opportunities for revenue generation is key, especially when consumers are shopping for care based on quality, cost, and convenience, and tech-enabled companies are continually nipping at the heels of legacy organizations for revenue.

A recent survey on consumerism found:
• Nearly 80% of organizations report having no subscription-based primary care services
• One-third offer widespread online self-scheduling for existing patients, but few offer this service for new patients.
• Just 38% of respondents offer widespread “save a spot” for urgent care
• 60% offer “save a spot” for urgent care on a limited basis or not at all

Lack of movement toward transforming patient access threatens health systems’ ability to compete against new market entrants that seem to understand consumers’ needs better than those that have been treating consumers for decades.

Healthcare leaders should look for ways to capture data around the consumer experience monthly, not just quarterly or annually. They should use a variety of sources, and compare their performance against peers by service line, treatment type, and more. This vital information will point to new investments that can not only strengthen access and convenience, but also loyalty and revenue.

Become data strong for sustainable success

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